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The internal combustion engine (ice) market size is forecast to increase by USD 28.3 billion at a CAGR of 8.09% between 2023 and 2028.
The internal combustion engine (ice) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period.
The market is experiencing significant growth due to the increasing demand for vehicles and advancements in engine technology. Advanced innovations, such as variable valve timing, direct injection, and engine calibration, are driving the market. Heavy-duty trucks and off-road vehicles continue to rely on robust ICEs for power output and durability. In the automotive sector, the shift towards fuel efficiency and emissions regulations is leading to the development of smaller engine displacements and alternative fuels. The construction and agricultural equipment industries also heavily utilize ICEs for power generation and performance tuning. The ICE market is further expanding into renewable energy applications, such as power generation and fuel cell technology.
The need for engine rebuilds and repairs is also maintaining market demand. Despite the rise of electric vehicles (EVs), the ICE market will continue to thrive due to its versatility and widespread application. Engine testing, emissions testing, and engine management systems ensure the continued reliability and efficiency of ICEs. Catalytic converters and exhaust gas recirculation systems are crucial components in reducing emissions. Marine engines and spark ignition engines also contribute to the market's growth. Overall, the ICE market is expected to maintain steady growth during the forecast period, driven by the automotive industry's continuous pursuit of innovation and efficiency.
The Automotive segment was valued at USD 29.20 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 41% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in Asia Pacific (APAC) is witnessing significant growth, with China and India holding the largest market share due to their extensive automotive production bases. The region's economic development and increasing disposable income are fueling the demand for automobiles, leading Original Equipment Manufacturers (OEMs) to establish regional manufacturing plants. Advancements in engine technology, such as variable valve timing and direct injection, are enhancing engine performance and fuel efficiency. Engine durability and emissions regulations are driving the adoption of catalytic converters and exhaust gas recirculation systems. Furthermore, the integration of electric vehicles (EVs) and hybrid engines into the market is expanding the scope of the ICE market.
Heavy-duty trucks and construction equipment are significant consumers of ICEs due to their high power output requirements. In the power generation sector, ICEs continue to be a popular choice for backup power solutions. Engine testing, calibration, and management systems are essential components of engine manufacturing, ensuring optimal performance and fuel efficiency. The diesel engine segment dominates the market due to its high power output and fuel efficiency. However, the gasoline engine segment is expected to grow at a steady pace due to advancements in engine technology and the increasing popularity of hybrid engines. Fuel economy and emissions regulations are critical factors influencing engine development.
Alternative fuels, such as bio-diesel and natural gas, are gaining traction due to their environmental benefits. Engine rebuild and maintenance costs remain a significant concern for consumers, driving the need for efficient and cost-effective solutions. The ICE market for marine applications and off-road vehicles is expected to grow due to the increasing demand for reliable and powerful engines in these sectors. Engine manufacturing and design continue to evolve, with a focus on maximizing power output while minimizing emissions and fuel consumption. Fuel cell technology is an emerging trend in the ICE market, offering a cleaner and more efficient alternative to traditional combustion engines.
Renewable energy sources, such as solar and wind, are also influencing the market dynamics, with a growing focus on integrating renewable energy with ICEs to improve overall efficiency and reduce emissions. In conclusion, the ICE market in APAC is witnessing significant growth due to the increasing demand for automobiles and the adoption of advanced engine technologies. Factors such as engine durability, fuel economy, emissions regulations, and alternative fuels are driving the market trends and dynamics. The market is expected to continue evolving, with a focus on maximizing power output while minimizing emissions and fuel consumption.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The internal combustion engine (ice) market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the internal combustion engine (ice) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, internal combustion engine (ice) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Cummins - The XC 60 model from our company showcases a twin engine internal combustion system, engineered for immediate torque generation, thereby facilitating swift acceleration. This advanced powertrain design enhances vehicle performance, ensuring a responsive driving experience. The internal combustion engines are meticulously calibrated to deliver optimal power output and fuel efficiency. Our engineering team's expertise and commitment to innovation underpin the development of this high-performance powertrain, setting new standards in automotive technology.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses various types of engines, including two-stroke and four-stroke engines, as well as advanced designs like Wankel and rotary engines. Supercharger and turbocharger designs continue to evolve, enhancing engine performance. Connecting rods and crankshafts transmit power from the pistons, while cooling systems maintain optimal operating temperatures. Emissions control technologies, such as aftertreatment systems, are crucial for reducing harmful exhaust gases. Engine oil and lubrication systems play a vital role in maintaining engine health, with octane rating and cetane rating influencing engine performance. Fuel system design and air-fuel ratio optimization are essential for maximizing combustion efficiency. Valve train and intake manifold designs impact engine efficiency and power output.
Engine noise reduction and vibration reduction techniques are essential for improving overall driving experience. The combustion cycle, including the intake, compression, power, and exhaust strokes, is the fundamental process driving engine operation. Piston engines, reciprocating engines, and cylinder blocks form the backbone of the ICE market. Cylinder heads and exhaust manifolds are critical components that influence engine performance and efficiency. Cam shafts regulate the opening and closing of engine valves, while exhaust systems facilitate the removal of exhaust gases. Engine noise reduction and engine vibration reduction technologies continue to gain importance in the ICE market.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Internal Combustion Engine (ICE) Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
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Market growth 2024-2028 |
USD 28.3 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.39 |
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Key countries |
US, China, Germany, Japan, UK, Australia, India, France, Brazil, UAE, Rest of World (ROW), Saudi Arabia, France, South Korea, Mexico, Italy, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Market Segmentation by Fuel Type
9 Market Segmentation by Technology Specificity
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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